Yinson Annual Report 2021

87 ANNUAL REPORT 2021 FINANCIAL CAPITAL As an alternative to project financing, green bonds are also an increasingly attractive source of funding due to the growing liquidity resulting from increased appetite from ESG-focused investors. Infrastructure funds are also potential partnership candidates for our renewables-based projects, which we believe will help to accelerate our growth in the industry, thereby enhancing shareholder returns. The capital requirements of the Green Technologies Division are expected to be relatively small over the next few years as we identify the right opportunities to commercialise and scale. Coupled with the dynamic nature of this business, we believe funding the business with our internally-generated funds is the best strategy until the business reaches critical mass. Cash and cash equivalents FREE AND AVAILABLE CASH (RM MILLION) FYE 2021 FYE 2020 FYE 2019 FYE 2018 FYE 2017 1,329 886 724 291 505 FYE 2021 FYE 2020 FYE 2019 FYE 2018 FYE 2017 2,050 1,465 1,290 717 661 CASH AND LIQUID INVESTMENTS (RM MILLION) Yinson’s free and available cash position of RM1,329 million provides flexibility for expansion and adequate buffer to meet any unforeseen cash requirements. Free and available cash is derived through cash flows from operations, raising of financial capital and drawdown of loans and borrowings pending deployment for projects. Free and available cash is mainly held in time deposits and interest-bearing accounts, and is managed with a goal of capital preservation and liquidity so that funds are available at the required time buckets based on cash flow projections. Our strategy for managing liquidity includes: t .BJOUBJOJOH BO BQQSPQSJBUF NJY PG IJHI RVBMJUZ MJRVJE JOWFTUNFOUT BOE BEFRVBUF DBTI CVGGFST UP NFFU VOFYQFDUFE DBTI PVUnPXT t .BJOUBJOJOH ZFBS DBTI nPX QSPKFDUJPOT UP NBUDI UIF BMMPDBUJPO PG MPOH UFSN mOBODJBM DBQJUBM XJUI QSPKFDU DBQJUBM expenditure needs. t 6TJOH SFBTPOBCMF BTTVNQUJPOT PO DPOUJOVJOH PQFSBUJPOT BOE mOBODJOH PG QSPKFDUT TFDVSFE :JOTPO T MJRVJEJUZ JT TVGmDJFOU GPS at least the next 5 years. t $POEVDUJOH SFHVMBS TUSFTT UFTUJOH UP BTTFTT DBTI nPX WVMOFSBCJMJUZ VOEFS TUSFTTFE TJUVBUJPOT BOE EFQMPZJOH UIF OFDFTTBSZ action plans. Cash flows from operating activities NON-EPCIC AND OTHERS (RM MILLION) FYE 2021 FYE 2020 EPCIC (RM MILLION) (1,373) 473 152 FYE 2019 FYE 2021 FYE 2020 FYE 2019 FYE 2018 FYE 2017 598 445 495 497 (54)